By The Telegraph (World News) | Created at 2024-11-06 06:50:27 | Updated at 2024-11-06 09:25:16
2 hours ago
The dollar rocketed in overnight trading as Donald Trump won key states and appeared to be on the path to victory in the US presidential election.
The US currency surged by 1.2pc against the pound, which is worth $1.287, its lowest level in two months, as investors bet that the Republican candidate will return to the White House.
In the debt market, government borrowing costs surged. Treasury yields shot to four-month highs as some betting sites heavily favoured Trump after he won the battlegrounds of North Carolina and Georgia.
Yields on 10-year Treasury bonds - the return the government promises to pay buyers of its debt - jumped to 4.47pc, breaking last week’s top of 4.39pc, while two-year yields climbed to 4.31pc from 4.19pc amid expectations that Mr Trump will enact more inflationary policies.
Bitcoin climbed as much as 8.5pc to reach a record high of $75,060 as the self-styled “Crypto President” was thought to have an advantage in Pennsylvania, Michigan and Wisconsin.
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